Special Center soon for MSMEs to send complaints if banks deny loan: Nirmala

Union Finance Minister Nirmala Sitharaman today said a special center would be announced shortly to enable MSMEs to send their complaints by mail if the banks deny loans without any reason.

Speaking at an inter-active session with traders and industry representatives here, she said ''if the banks are denying loans without reason to MSMEs they are welcome to send their complaints by mail to a special center which is to be announced shortly.'

She said a copy of the same should be sent to the bank manager.

''There is also a plan by government to increase interaction of banking officials, officials of ministry to reach out to the MSME entrepreneurs at the field level'', she added

She said since the fundamentals were strong, the foreign exchange reserves and FDI investments were at its maximum level.

Nirmala also said importers finding it difficult to clear goods from various ports due to non-arrival of documents because of Coronavirus, might approach the Finance Ministry with details for redressal.

She also announced that to protect the interest of manufacturers of Make in India products like Mixie and Grinders, import duty has been imposed on such products.

The Finance Minister later interacted with Economists, Academicians and Policy Experts on Budget 2020.